Choose the given statement that is true/false:

In the 17th and 18th centuries, the focus of the traders and merchants shifted to the countryside for production.

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Detailed Solution

The above statement is True.
In the 17th and 18th centuries, the focus of the traders and merchants shifted to the countryside for production.
European town-dwelling merchants started relocating to rural areas in the seventeenth and eighteenth centuries. They gave money to local artisans and peasants to encourage them to make goods for a global market. The need for products started to increase with the growth of worldwide trade and the establishment of colonies in various regions. But business owners in towns were unable to increase production. This resulted from the strength of the local urban trade guilds. These were groups of producers who worked together to teach artisans, keep control over production, manage prices and competition, and prevent newcomers from entering the market. Different guilds received exclusive rights to produce and trade in various goods from the ruling class. New merchants found it challenging to establish their businesses in towns. So they started looking in the countryside.

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